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Veolia: BofA still a buyer, TP E38.5

( - Bank of America maintains its buy recommendation on Veolia on Friday, with an unchanged target price of 38.
5 euros (cp: E28.4, +1.5%).

In a report that it published, the broker welcomes the "reassuring" message delivered by the environmental services group concerning the integration of Suez.

At its investor meeting, Veolia said that the project was ahead of schedule, still expecting to achieve 500 million euros in cumulative cost synergies from the combination, BofA said.

The group also confirmed its target of an adjusted net profit of 1.5 billion euros by 2024, the analyst added, a figure that is 5% higher than the current consensus.

Despite a solid performance since the beginning of the year, the stock is still trading on undemanding valuation multiples, it continues, highlighting a P/E of 15x for 2023 and 13x for 2024.

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